The global frozen fish & seafood market is expected to be valued at ~US$ 36 Bn in 2020, which is anticipated to expand at a CAGR of ~7.3% to reach ~US$ 70 Bn by 2030. A latest report published by Transparency Market Research on the frozen fish & seafood market includes global frozen fish & seafood production and consumption analysis, along with market opportunity assessment for 2020-2030.
Increasing demand for protein and other viral nutrients to propel frozen fish & seafood market
Robust growth of the food and dietary supplement industry is expected to result in higher demand for fish protein, creating a profitable opportunity for players in the frozen fish & seafood market across the globe. The nutrient profile of fish protein is compatible with the human digestion process. In the coming years, with increasing demand for protein, health supplements and other vital nutrients by consumers, fish protein could be used as a preferred best source for all. This is likely to generate opportunities for frozen fish & seafood manufacturers to increase their revenue in the coming years.
Frozen seafood products gaining traction in food industry
Approximately, more than three-fourths of the seafood products consumed across the globe are in the form of fresh and frozen, and slightly over 50% of fresh and frozen products are finfish. Less than half are shellfish and among that, the demand for shrimp is the highest. Due to busy lifestyles, the demand for frozen seafood products is increasing, as they are conveniently available, easy to cook, and nutritious. Hence, these factors are driving the expansion of the frozen fish & seafood market.
Leading manufacturers strive to strengthen distribution channels
Frozen fish & seafood are widely used in the food processing industry, food service providers, retail/household, and animal feed and pet food. Due to the high demand for frozen fish & seafood, major manufacturers are focusing on strengthening their network with distributors to reach a larger consumer base. This is more common among the leading manufacturers who are focusing on increasing their global presence. Major manufacturers are focusing on acquisitions of smaller manufacturers, which will help them to strengthen their distribution network as well as production capacity.
● For instance, in 2013, Cargill Incorporated acquired Siamakme Aquatic Feeds Co., Ltd, a shrimp feed manufacturer in Thailand. The aim behind this acquisition was to strengthen the distribution channel in Asia market as well as to increase production capacity of shrimps.